HOUSE DOCKET, NO. 94553        FILED ON: 3/8/2010

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 4553

The Commonwealth of Massachusetts

_______________

In the Year Two Thousand Ten

_______________

An Act PROVIDING FOR JOB CREATION BY SMALL BUSINESSES..

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

To provide for a program of job creation and economic development, the sums set forth in section 2A, for the several purposes and subject to the conditions specified in this act, are hereby made available, subject to the laws regulating the disbursement of public funds and approval thereof.

SECTION 2A. 

EXECUTIVE OFFICE FOR ADMINISTRATION AND FINANCE

Office of the Secretary

1100-7400 For the recapitalization of the Massachusetts Growth Capital Corporation…......................................................................              $25,000,000

6001-0817 For the recapitalization of the grant program to provide for commercial and residential transportation and infrastructure development, improvements and various capital investment projects under the Growth Districts Initiative established by the executive office of housing and economic development; provided, that the secretary of housing and economic development, in consultation with the secretary of the Massachusetts department of transportation, shall adopt, amend or continue regulations or guidelines regarding this program; provided further, that annually not later than December 31, the secretary of housing and economic development shall issue a written report to the clerks of the senate and house of representatives, the chairs of the joint committee on state administration and regulatory oversight, the chairs of joint committee on bonding, capital expenditures and state assets, the chairs of the joint committee on transportation, the chairs of the joint committee on economic development and emerging technologies, and the chairs of the senate and house committees on ways and means, which shall include detailed descriptions of infrastructure improvement projects funded pursuant to this program and all funds expended for this purpose………………………………………………….…              $50,000,000

SECTION XX.  To meet the expenditures necessary in carrying out section 2A, the state treasurer shall, upon request of the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time but not exceeding, in the aggregate, $75,000,000.  All such bonds issued by the commonwealth shall be designated on their face, Job Creation by Small Business Act of 2010, and shall be issued for a maximum term of years, not exceeding 30 years, as the governor may recommend to the general court under section 3 of Article LXII of the Amendments to the Constitution.  The bonds shall be payable not later than June 30, 2045.  All interest and payments on account of principal on these obligations shall be payable from the General Fund.  Bonds and interest thereon issued under this section shall, notwithstanding any other provisions of this act, be general obligations of the commonwealth.